CONSTITUTION, 


BY-LAWS 


And 


CONDITIONS  AND  RATES  OP  INSURANCE 


MUTUAL  LIVE  STOCK 


[INSURANCE  COMPANY 


OP 


PHILADELPHIA  AND  BUCKS  COUNTIES. 


•• 


Organize* 


anized  May  26,  1860. 


DOYLESTOWN. 

PRIZER  AND  DARLINGTON,  PRINTERS. 

1860. 


CONSTITUTION; 


;<£  . 

BY-LAWS 


AND 

CONDITIONS  AND  BATES  OF  INSURANCE 

OF  THE 


MUTUAL  LIVE  STOCK 

INSURANCE  COMPANY 


OF 


PHILADELPHIA  AND  BUCKS  COUNTIES. 


Organized  May  26,  1860. 


DOYLESTOWN. 

FRIZER  AND  DARLINGTON,  PRINTER?. 

im . 


5 

'rr\<3sSr& 


OFFICERS  AND  MANAGERS. 


President — JOHN  WILDMAN,  Attleborough. 
Secretary — E.  G.  HARRISON,  Hulmeville. 
Treasurer — JAMES  THORNTON,  Byberry. 


MANAGERS  : 


Watson  Comly, 
Jesse  G.  Webster, 
Joseph  Canby, 
Thomas  James, 
Pierson  Mitchell, 


Richard  Hulme, 
Jesse  L.  Stackhouse, 
William  Elmslie, 
John  G.  Spencer, 
Jonathan  Knight. 


RATES  OF  INSURANCE. 


Horses  and  Mules,  kept  for  Farm  and  Driving,  10  per  ct. 
«  «  «  Livery  and  Stage,  15  « 

“  «  «  Canal,  -  -  -  -20  « 

Cattle  of  all  kinds,  -  --  --  --  -10  « 

Sheep, . .---10  “ 

“  including  insurance  against  damage 

by  Dogs, . 20  “ 

Hogs, . 10  “ 

Two  per  cent,  deducted  from  the  above  rates  when 
the  insurance  is  not  against  loss  by  fire. 

These  rates  may  be  changed  at  any  time  by  the 

Directors  in  case  of  contagious  diseases  prevailing. 


u 


CONSTITUTION : 

Being  an  act  to  incorporate  “  The  Mutual  Live  Stock 

Insurance  Company  of  Philadelphia  and  Bucks 

counties.5’ 

Section  1.  Be  it  enacted  by  the  Senate  and  House 
of  Representatives  of  the  Commonwealth  of  PennsyU 
vania  m  General  Assembly  met ,  and  it  is  hereby  enacted 
by  the  authority  of  the  same :  That  Watson  Comly, 
Thomas  James,  James  Thornton,  Jesse  G.  Webster, 
Edmund  G.  Harrison,  John  Wildman,  Joseph  Canby, 
William  Elmslie,  Richard  Hulme,  Jesse  L.  Stack- 
house,  Jonathan  Knight,  Pierson  Mitchell  and  John 
G.  Spencer,  and  all  other  persons  who  may  hereafter 
associate  with  them  in  the  manner  hereinafter  pre¬ 
scribed,  shall  be  a  body  politic  and  corporate,  by  the 
name  of  “The  Mutual  Live  Stock  Insurance  Com¬ 
pany,  of  Philadelphia  and  Bucks  counties”  ;  and 
by  that  name  shall  have  perpetual  succession,  and 
may  sue  and  be  sued,  and  hold,  purchase,  receive  and 
convey  real  and  personal  estate  (with  the  limitations 
hereinafter  specified),  and  may  use  a  common  seal, 
and  alter  or  change  the  same  at  pleasure  ;  make  by¬ 
laws  not  inconsistent  with  any  existing  laws,  for  the 
management  of  its  property  and  the  regulation  of  its 
affairs. 

Sec.  2.  That,  in  addition  to  the  general  powers  and 
privileges  of  a  corporation,  as  the  same  are  declared 
by  the  foregoing  section,  the  corporation  hereby  en¬ 
acted  shall  have  the  full  power,  on  behalf  of  said  cor¬ 
poration,  to  make  all  and  every  insurance  appertaining 
to  or  connected  with  life  risks  of  the  members’  Horses, 
Mules,  and  domestic  animals,  of  whatsoever  kind  or 
nature  the  same  may  be  ;  and  to  make,  execute  and 
perfect  such  and  so  many  contracts,  bargains,  agree¬ 
ments,  policies,  and  other  instruments,  as  shall  or  may 
be  required ;  and  every  such  contract,  agreement  and 
policy,  to  be  made  by  said  corporation,  signed  by  the 
President  and  attested  by  the  Secretary,  and  also 


4 


shall  be  signed  by  the  party  insured ;  and  the  President 
and  Directors  are  hereby  empowered  to  have  made 
and  provided,  a  Seal,  with  such  device  as  they  may 
deem  proper,  to  be  used  by  them  as  the  common 
official  seal  of  the  Company. 

Sec.  3.  That  all  persons  who  shall  hereafter  be¬ 
come  insured  in  the  said  corporation,  and  also  their 
heirs,  executors  and  administrators,  continuing  to  be 
insured  in  said  corporation,  as  hereinafter  provided, 
shall  thereby  become  members  for  and  during  the 
period  they  shall  remain  so  insured  and  no  longer. 

Sec.  4.  That  the  corporate  powers  of  said  Com¬ 
pany  shall  be  exercised  by  a  board  of  Thirteen  Direc¬ 
tors,  and  such  officers  and  agents  as  they  shall  appoint. 
The  persons  named  in  the  first  section  of  this  act,  of 
a  majority  of  them,  shall  constitute  the  board  of 
Directors  of  said  Company  until  the  first  Monday  in 
January  next,  or  until  others  are  elected  in  their 
stead  ;  and  the  members  of  the  Company  shall  meet 
annually  upon  the  day  before  mentioned,  or  some 
other  day,  as  a  majority  of  them  shall  determine,  and 
at  such  time  and  place  as  the  board  of  Directors  shall 
determine,  who  shall  give  at  least  twenty  days’  notice 
of  the  same,  in  not  less  than  two  papers  in  Bucks 
county,  to  elect  Directors  of  the  ensuing  year,  to  hear 
the  statement  of  the  affairs  of  the  Company,  and  for 
the  transaction  of  business. 

Sec.  5.  That  every  election  for  Directors  shall  be 
by  ballot,  to  be  decided  by  a  majority  of  votes  cast; 
each  member  shall  have  one  vote ;  the  board  of  Direc¬ 
tors  shall  appoint  three  members,  not  directors,  as 
tellers  of  the  election. 

Sec.  6.  That  the  board  of  Directors  shall  choose 
a  member  of  the  board  to  act  as  President,  and  shall 
annually  appoint  a  Secretary,  Treasurer,  Appraiser, 
and  such  other  officers  and  agents  as  they  shall  deem 
necessary  ;  they  shall  fix  their  salaries  and  fees,  and 
shall  have  power  to  remove  their  officers  or  agents 


5 


and  supply  vacancies,  and  also  to  fill  vacancies  in  the 
board  until  the  next  election ;  a  majority  of  the  board 
shall  constitute  a  quorum. 

Sec.  7.  That  every  person  who  shall  become  a 
member  of  said  Company,  by  effecting  insurance 
therein,  shall,  before  he  receives  his,  her  or  their 
Policy,  deposit  for  such  insurance  his,  her  or  their 
promissory  note,  for  such  a  sum  of  money  as  shall  be 
determined  by  the  Directors — a  part,  not  exceeding 
ten  per  centum  of  the  amount  insured,  to  be  paid  in 
cash,  and,  annually,  an  interest  on  said  note,  as  may 
be  fixed  by  said  Directors,  not  exceeding  six  per 
centum ;  the  said  deposit  note  shall  be  payable,  in 
part  or  whole,  at  any  time  when  the  Directors  shall 
deem  the  same  requisite  for  the  payment  of  losses  by 
death,  of  any  property  insured,  by  accident  or  disease, 
and  such  incidental  expenses  as  shall  be  necessary 
for  the  transaction  of  the  business  of  the  said  corpo* 
ration ;  and,  at  the  expiration  of  the  time  of  insurance, 
the  said  note,  or  such  part  of  the  same  as  shall  remain 
unpaid,  after  deducting  all  losses  and  expenses  during 
said  time,  shall  be  relinquished  and  given  up  to  the 
maker  thereof;  no  premium  so  paid  shall  ever  be 
withdrawn  from  said  Company. 

Sec.  8.  That  suits  of  law  may  be  maintained  by 
said  corporation  against  any  of  its  members,  for  any 
cause  relating  to  the  business  of  said  corporation 
against  any  of  its  members ;  also,  suits  at  law  may  be 
prosecuted  and  maintained  by  any  member  against  the 
said  corporation,  for  losses  by  death  of  his,  her  or 
their  Horses,  Mules,  or  other  domestic  animals  insured 
in  said  Company,  if  payment  is  withheld  more  than 
sixty  days  after  the  Company  is  duly  notified  of  such 
loss. 

Sec.  9.  That  the  real  estate,  which  it  shall  be  law¬ 
ful  for  said  corporation  to  purchase,  receive,  hold  and 
convey,  shall  be  such  as  shall  be  required  for  its  im¬ 
mediate  accommodation,  in  the  convenient  transaction 
of  its  business. 


6 


Sec.  10.  That  no  money  shall  be  drawn  from  the 
funds  of  said  Company  for  the  purpose  of  making 
dividends  or  profits,  nor  for  other  purposes  than  first 
to  defray  the  current  or  incidental  charges  of  the  cor¬ 
poration,  and  then  for  the  purpose  of  paying  such 
damages  as  any  member  of  said  Company  or  insurer 
may  be  justly  entitled  to  ;  and  when  the  just  demands 
of  any  insurer  in  said  Company,  or  member  thereof, 
shall  exceed  the  amount  of  its  available  funds  on  hand, 
such  sum  as  shall  be  necessary  to  pay  the  same  shall, 
without  unnecessary  delay,  be  assessed  by  any  three 
of  the  Directors,  appointed  by  the  President,  on  the 
insurances,  each  member  to  pay  in  proportion  to  the 
amount  he  has  insured,  and  publish  the  same ;  and 
any  of  the  members  of  the  Company  shall  pay  into 
the  hands  of  the  Treasurer,  his,  her  or  their  propor¬ 
tionable  parts  of  such  rates  within  sixty  days  after 
such  publication,  as  aforesaid  ;  and  in  default  thereof 
shall  be  proceeded  against  according  to  the  provisions 
of  this  act  and  the  By-laws  made  by  said  corporation. 

Sec.  11.  That  all  and  every  of  the  members  of 
this  Company,  who  shall  sustain  any  loss  by  the  death 
of  his,  her  or  their  Horses,  Mules,  or  other  domestic 
animals,  insured  in  said  Company,  shall  give  notice  to 
three  of  the  nearest  residents,  being  Directors  of  this 
Company,  who  shall,  with  little  delay  as  possible,  ex¬ 
amine  and  assess  said  damages,  and  report  the  same 
to  the  President  and  Secretary,  within  ten  days  from 
from  the  time  of  their  receiving  notice  ;  the  said  Pres¬ 
ident  or  Secretary  shall,  immediately  after  receiving 
said  report,  and  ascertaining  the  sum  which  said  par¬ 
ties  shall  be  lawfully  entitled  to,  make  provision  and 
payment  as  herein  specified. 

Sec.  12.  That  within  thirty  days  after  any  annual 
meeting,  it  shall  be  the  duty  of  the  officers  of  the  Com¬ 
pany,  to  cause  to  be  made  and  published,  in  at  least 
two  newspapers  of  the  county  of  Bucks,  a  general 
balance  statement  of  the  affairs  of  said  Company  j  such 
statements  shall  contain : 

First,  The  amount  of  premiums  received,  and  the 


amount  derived  from  interest  on  loans  or  investments 
during  the  same  period. 

Second .  The  amount  of  the  expenses  of  the  Com¬ 
pany  during  the  same  period. 

Third .  The  amount  of  losses  incurred  during  said 
period,  and  the  balance  remaining  with  said  Company. 

Sec.  13.  The  business  of  the  corporation  shall  be 
carried  on  at  such  places  as  the  Board  of  Directors 
shall  determine. 

Sec.  14.  That  no  policy  shall  be  issued  by  the 
corporation  until  application  be  made  for  the  insurance 
of  ten  thousand  dollars. 


BY-LAWS. 


Article  1.  The  Board  of  Directors  shall  meet,  for 
the  purpose  of  transacting  business,  on  the  third  Mon¬ 
day  in  December,  March,  June  and  September,  at  two 
o’clock,  p.  m.,  and  at  the  call  of  the  President,  as 
often  as  he  may  deem  it  necessary. 

Art.  2.  It  shall  be  the  duty  of  the  President  to 
attend  and  preside  at  all  meetings  of  the  Board  of 
Directors ;  he  shall  sign  all  policies  of  insurance,  and 
warrants  on  the  Treasurer,  for  the  payment  of  money, 
and  generally  to  do  and  perform  all  the  duties  apper¬ 
taining  to  the  office  of  the  President. 

Art.  3.  The  Secretary  shall  keep  a  just  and  true 
account  of  all  matters  touching  the  interests  of  the 
Company,  make  all  entries,  fill  up  and  record  all  poli- 


8 


cies,  give  public  notice  of  all  meetings,  and  of  the 
occurrence  of  any  loss  insured  by  the  Company,  with 
the  amount  of  said  loss,  make  out  all  rates  and  levies 
for  the  Managers,  and  prepare  the  annual  statement. 
He  shall  also  procure  a  sufficient  number  of  copies  of 
the  Constitution  and  By-Laws  for  the  use  of  the  mem¬ 
bers,  together  with  the  necessary  blank  Policies  and 
books  for  the  record  of  the  Company. 

Art.  4.  It  shall  be  the  duty  of  the  Treasurer  to 
report  to  the  Board  of  Directors,  at  every  quarterly 
meeting,  the  amount  of  moneys  received  by  him  during 
the  preceding  quarter,  the  amount  expended,  and  the 
amount  on  hand ;  an  abstract  of  which  report  shall  be 
entered  on  the  minute  book  ;  he  shall  also  give  bonds 
and  security,  to  be  approved  by  the  Directors,  condi¬ 
tioned  for  the  faithful  performance  of  his  duties  as 
Treasurer,  and  especially  for  his  administration  of  the 
funds  coming  into  his  hands. 

Art.  5.  There  shall  be  appointed  annually  by  the 
President,  three  members  of  the  Board  of  Directors, 
who  shall  be  a  Committee  of  Finance,  whose  duty  it 
shall  be  to  examine  and  audit  all  bills  and  accounts 
amounting  to  ten  dollars  or  over,  before  paid,  and 
generally  to  do  and  perform  all  matters  referred  to 
them.  It  shall  also  be  their  duty  to  carefully  examine 
the  books  and  accounts  of  the  officers  of  the  Com¬ 
pany,  at  least  one  week  previous  to  the  annual  meet¬ 
ing,  and  report  thereon  at  the  next  meeting. 

Art.  6.  Should  any  cause  prevent  the  attendance 
of  the  President  to  the  duties  of  the  office,  he  may  ap¬ 
point,  with  the  consent  of  the  Committee  of  Finance, 
from  among  the  Directors,  a  President  pro  /era.,  and  in 
case  of  his  neglect  to  do  so,  the  Committee  of  Finance 
shall  select  one  of  their  number  to  perform  the  duties 
of  the  President,  until  a  President  pro  tem.  shall  be 
appointed  by  the  Board  of  Directors ;  and  in  case  of 
the  absence  of  the  Secretary,  the  President  may  ap¬ 
point  an  assistant  Secretary  to  supply  his  place  ad 
interim* 


CONDITIONS  OF  INSURANCE. 


I. — PROPOSALS  FOR  INSURING. 

Applicants  for  insurance  shall  furnish  the  Secretary 
with  the  following  information : 

1.  The  name,  occupation,  residence  and  post  office 
address  of  the  applicant. 

2.  Of  Horses  and  Mules.  The  age,  color  and  gen¬ 
der  of  each  specifically  set  forth,  and  for  what  purpose 
used.  Any  defects  must  be  mentioned. 

3.  Cattle,  Sheep  and  Swine.  The  number  and  kind, 
the  value  of  the  best  stock,  and  the  average  value  of 
the  lot. 

4.  The  applicant  shall  certify  that  the  statement  is 
true  in  every  particular,  and  that  he  agrees  to  be 
governed  by  the  rules  and  regulations  of  the  Company. 
Any  insurance  effected  by  the  Company  through  false 
representation,  shall  forfeit,  in  case  of  loss,  all  claim 
to  the  protection  of  the  Company  upon  the  property 
so  insured. 

II. — ALTERATION  OF  SPECIFICATION. 

Any  member  changing  Horses  or  Mules,  or  increas¬ 
ing  the  number  of  their  Cattle,  Sheep  or  Swine,  shall 
alter  his  or  her  specification  within  ten  days  there¬ 
after,  or  forfeit  the  insurance  of  said  stock  until  such 
alteration  is  made,  or  until  the  number  of  their  Cattle, 
Sheep  or  Swine  are  reduced  to  the  number  named  in 
the  specification.  Cattle  may  be  separately  insured 
by  giving  a  particular  description. 

III. — PREMIUM  NOTES. 

All  persons  becoming  insured  in  this  Company  shall 
deposit  his,  her  or  their  promissory  note,  waiving  the 


10 


benefit  of  all  exemption  laws,  for  ten  per  centum  of 
the  rated  value  of  the  property  insured,  and  shall  pay 
in  cash  ten  per  cent,  of  said  note  before  receiving  a 
Policy  ;  and,  in  the  event  of  there  not  being  sufficient 
funds  on  hand  to  meet  losses,  the  Directors  shall  make 
such  an  assessment  on  said  premium  notes  as  they 
shall  deem  necessary :  Provided ,  such  assessment  shall 
be  approved  at  the  annual  meeting  of  members,  or  at 
a  special  meeting  called  for  that  purpose. 

IY. — LOSSES. 

1.  Any  member  suffering  loss  of  property  insured 
by  this  Company,  shall  immediately  inform  three  of 
the  nearest  residents,  being  Directors  of  this  Com¬ 
pany,  who  shall,  without  delay,  proceed  to  investigate 
the  cause,  and  make  out  a  just  appraisement  and  val¬ 
uation  of  the  loss,  and  report  to  the  next  meeting  of 
the  Board  of  Directors,  who  shall  make  provision  and 
payment,  as  herein  specified,  within  thirty  days. 

2.  Appraisements  to  be  at  the  actual  cash  value, 
and  in  no  case  to  exceed  the  amount  of  insurance. 

3.  Appraisers  shall  be  furnished  with  the  specifica¬ 
tion  filed  with  the  Secretary  by  the  party  claiming 
insurance. 

4.  A  member  sustaining  a  loss  out  of  the  neighbor  ] 
hood  of  any  members,  shall  appoint  three  suitable 
persons  to  value  the  animal,  whose  certificate  shall  be 
forwarded  to  the  President,  setting  forth  a  full  des¬ 
cription  of  the  animal  and  the  valuation,  who  shall 
proceed  in  the  same  manner  as  before  directed. 

5.  This  Company  will  only  pay  three-fourths  of  the 
appraised  value. 

Y. — ARBITRATION. 

In  case  any  difference  or  disputes  shall  arise  between 
the  insured  and  the  Company,  touching  any  loss  or 
damage,  such  difference  shall  be  submitted  to  the 
judgment  and  determination  of  three  arbitrators — one 
to  be  chosen  by  the  Company,  one  by  the  insured, 
and  a  third  by  the  two — whose  award,  in  writing,  shall 


11 


be  conclusive  and  binding  on  all  parties,  without  ap¬ 
peal  or  recourse  to  law.  Any  member  not  agreeing 
to  this  course  shall  forfeit  all  rights  of  membership, 
and  his  Policy  shall  be  void. 

VI. — accident  or  disease. 

1 .  In  case  of  accident  or  disease,  likely  to  terminate 
in  the  death  of  the  animal,  the  insured  must  give 
notice  to  three  Directors,  whose  duty  it  shall  be  to 
visit  the  diseased  animal ;  and,  if  contagion  is  feared, 
they  shall  order  such  animal  to  be  separated  from  the 
rest  of  the  stock,  and  the  owner  shall  keep  it  so  sep¬ 
arated  until  it  either  recovers  or  dies. 

2.  In  case  the  Directors  be  of  opinion  that  the  ani¬ 
mal  cannot  recover,  they  may  order  it  to  be  slaugh¬ 
tered  ;  and  such  order  must  be  complied  with — the 
insured  receiving  the  same  compensation  for  such 
animal  as  if  it  had  died. 

3.  The  notice  herein  required  is  not  to  be  given  if 
the  insured  is  more  than  ten  miles  from  the  residence 
of  any  Directors  ;  in  such  case  the  insured  shall  use 
his  best  judgment,  calling  upon  three  competent  per¬ 
sons  to  certify  to  the  facts,  when  application  is  made 
for  the  insurance  money. 

VII. — PAYMENT  OF  INSURANCE. 

Losses  will  be  paid  in  bankable  money  at  the  Trea¬ 
surer’s  office. 


VIII. — ASSESSMENTS. 

It  shall  be  the  duty  of  every  member  to  pay  to  a 
Receiver,  appointed  at  every  annual  meeting  for  a 
certain  district,  an  interest,  annually,  at  the  rate  of 
six  per  cent,  on  all  premium  notes,  or  balance  due  on 
said  notes,  at  the  annual  meeting,  or  within  sixty  days 
thereafter ;  and  also  the  assessments,  made  on  the 
premium  notes,  within  thirty  days  after  being  duly 
notified,  or  forfeit  all  claim  to  the  protection  of  the 
Company  until  payment  is  made.  The  Policy  to  be 
void  at  the  option  of  the  Directors. 


IX. — DOUBLE  INSURANCE. 

Any  person  haying  stock  insured  in  any  other  Com¬ 
pany,  at  the  time  of  application  for  insurance  in  this 
Company,  shall  state  this  fact,  which  shall  be  endorsed 
on  the  Policy ;  and,  in  case  of  loss,  this  Company  will 
only  be  bound  for  their  rateable  proportion.  A  failure 
to  give  such  notice  will  render  the  Policy  void. 

X. — ASSIGNMENT. 

Any  member  may  transfer  and  assign  his,  her  or 
their  membership  and  interest  in  this  Company,  upon 
the  sale  or  disposal  of  the  stock  described  in  his 
Policy,  or  may  assign  his  interest  in  any  Policy  as 
collateral  security :  Provided ,  said  assignment  is  en¬ 
dorsed  in  the  Policy,  and  approved  by  the  Secretary, 
within  thirty  days  thereafter,  otherwise  the  Policy 
will  be  void  and  membership  shall  cease  ;  and,  upon 
compliance  with  this  article,  the  Assignee  shall  be¬ 
come  a  member,  and  shall  be  governed  by  all  the 
rules  and  regulations  of  the  Company. 

XI . — WITHDRAWAL . 

A  member  may  withdraw  from  this  Company  by 
giving  notice  to  the  Secretary,  and  paying  all  assess¬ 
ments  and  lawful  charges  against  him  ;  at  which  time 
the  premium  note,  or  such  part  as  remains  unpaid, 
shall  be  given  up  to  the  maker  thereof.  No  premium 
paid  shall  be  withdrawn  from  the  Company. 

XII. — PAYMENTS  AND  FEES. 

1.  Ten  per  cent,  of  Premium  Note. 

2.  One  Dollar  for  Membership. 

3.  Thirty-Five  Cents  for  Policy. 

4.  Ten  Cents  for  each  alteration  of  specification. 

5.  Ten  Cents  for  withdrawal. 

6.  Ten  Cents  for  approval  of  assignment. 

Assessments  on  premium  notes  to  be  paid  within 

thirty  days  after  each  annual  meeting. 

Policy  of  no  effect  until  all  fees  and  dues  are  paid. 


